CDI obtains $75 million revolving line of credit from Bank of America

By Marisa Wong

Madison, Wis., Dec. 4 - CDI Corp. entered into a credit agreement with Bank of America, NA on Nov. 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The credit agreement provides a $75 million revolving line-of-credit facility, including a $5 million U.K. overdraft facility, with a five-year term ending on Nov. 29, 2017.

Interest is equal to Libor plus 125 basis points to 200 bps, depending on the company's consolidated leverage ratio. The commitment fee ranges from 15 bps to 22.5 bps.

The credit agreement contains financial covenants, including a maximum consolidated leverage ratio of 2.5 to 1.0 and a minimum fixed charge coverage ratio of 1.2 to 1.0.

Borrowings may be used for general business purposes or for letters of credit.

CDI is a Philadelphia-based engineering and technology services company.

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